智能投顾的信义义务:中国实践和制度重塑  

The Fiduciary Duty of Robo-adviser:China’s Practice and System Reconstruction

作　　者：刘文[1] 蒋昇洋 LIU Wen;JIANG Sheng-yang(Law School,Southwestern University of Finance and Economics,Chengdu 611130,China)

机构地区：[1]西南财经大学法学院,四川成都611130

出　　处：《河北法学》2021年第12期16-31,共16页Hebei Law Science

基　　金：四川省2019年社会科学研究规划年度项目“商事指导性案例的适用检视和制度完善”(19FX057)的阶段性研究成果;中央高校基本科研业务费专项资金资助项目“智能投资顾问的信义义务构造”(JBK1907201837)的研究成果

摘　　要：我国智能投顾在运行实践中呈现出投资顾问色彩趋弱、投资者信息画像同质化严重、信息披露全面性缺失等问题。针对上述实践中的弊病,亟需从制度上寻求破解之道。传统信义义务法律制度框架无法有效的解决实践问题中所内蕴的利益冲突和智能投顾运营平台未勤勉尽职的制度难点。我国可从事前、事中和事后三个维度进行智能投顾信义义务的制度重塑。事前的资质获取、算法合规性测试、算法代码和测试结果的报备指向于信义义务的谨慎性要求;事中的信息披露和信息收集指向于信义义务的忠实性要求;事后的算法稳健性维护、异常警示系统的运行、信息更新和回访机制的运行指向于信义义务的尽责性要求。In the operation practice of China’s robo-adviser,there are some problems,such as the weakening of the color of investment advisers,the serious homogenization of investors’information portraits,and the lack of comprehensive information disclosure.In view of the above shortcomings in practice,it is urgent to seek solutions from the system.The traditional legal system framework of fiduciary duty can not effectively solve the practical problems of interest conflicts and the system difficulties of intelligent investment advisory operation platform.In China,we can reshape the system of fiduciary duty of robo-adviser from three dimensions:qualification acquisition,algorithm compliance testing,and report of algorithm code and test results in advance;information disclosure and information collection in the event;maintenance of algorithm,operation of anomaly warning system,information update and return visit mechanism after the event.

关 键 词：智能投顾 信义义务 合规义务 忠实义务 监督义务 

分 类 号：D922.287[政治法律—经济法学]